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re: Considering a career change...
Posted on 3/1/24 at 7:11 pm to DCtiger1
Posted on 3/1/24 at 7:11 pm to DCtiger1
quote:
Well they aren’t doing it right. I started with 30k of my own capital. My company gave me a 36k signing bonus to start and 25k during internship. Now I own my commercial building and it’s fully paid off. Hell my annual bonus is 221k not factoring in residuals or new commission. Heading to Hawaii for 10 days all expense paid for life/health sales. You couldn’t pay me enough to solely sell Medicare and I have zero desire to sit at home and sell
Your residuals and new commissions go pay for your overhead. Youre talking revenue. How much do you keep. Most P&C agents income is little more than their bonus.
3
Posted on 3/1/24 at 7:33 pm to gdzgft28
Big red logo primes the first 3/4 years of the pump as well. It would have been a massive income dump (small biz loan, etc.) just to keep my head above water, and that's the only reason I might have (40+) if my ex agreed to stop spending with profligacy (lol). I can't remember what the program was called.
gdz clearly has direct experience, but think about the ads you see on TV. They're incentivizing bundles to the consumers, because that's apparently how agents make money. The incentive triggers seems to be weird, (paraphrasing) if you sell a $16 a month life policy on top of your $200 a month auto policy, you get a $100 bonus for the quarter.
It reminds me of borderline fraud, like the liquor industry. Liquor is straight out of all the things we were taught were fraud in accounting (channel stuffing, improper rebates, etc.) Insurance feels close. Maybe it's just the Gulf Coast.
gdz clearly has direct experience, but think about the ads you see on TV. They're incentivizing bundles to the consumers, because that's apparently how agents make money. The incentive triggers seems to be weird, (paraphrasing) if you sell a $16 a month life policy on top of your $200 a month auto policy, you get a $100 bonus for the quarter.
It reminds me of borderline fraud, like the liquor industry. Liquor is straight out of all the things we were taught were fraud in accounting (channel stuffing, improper rebates, etc.) Insurance feels close. Maybe it's just the Gulf Coast.
This post was edited on 3/1/24 at 7:34 pm
Posted on 3/1/24 at 7:41 pm to geauxdroddz
Your new concrete pressure washing business will make you want your old non-interesting scenario back. 
Posted on 3/1/24 at 7:52 pm to geauxdroddz
Learn to code.
Or enjoy being miserable working for Fate Starm
Or enjoy being miserable working for Fate Starm
Posted on 3/1/24 at 8:01 pm to geauxdroddz
quote:
How long did it take you to build?
7.5 yrs
Sally really helped, as we assisted with claims better than most.
Posted on 3/1/24 at 8:02 pm to gdzgft28
gdzgft28 -
Are you selling face to face and how long have you been selling these?
Are you selling face to face and how long have you been selling these?
Posted on 3/1/24 at 8:14 pm to geauxdroddz
My dream job is mowing. Preferably the interstate. Long straight stretches. You never have to worry. It will always grow back. Job security. Always smells and looks so much better. What a sense of accomplishment….if only I didn’t like buying nice things.
Posted on 3/1/24 at 8:18 pm to geauxdroddz
This is my 6th year independent. I work primarily T65’s so I’m mostly face to face because it helps retention though I do some business (referrals and xfers) over the phone. Probably 75% in person outside of AEP.
It’s definitely something you can do part time and keep your day job, unlike P&C. Most agents probably do start by working AEP’s only. I didn’t. But I wasn’t already making $150k either.
It’s definitely something you can do part time and keep your day job, unlike P&C. Most agents probably do start by working AEP’s only. I didn’t. But I wasn’t already making $150k either.
Posted on 3/1/24 at 8:24 pm to BamaCoaster
quote:
7.5 yrs Sally really helped, as we assisted with claims better than most.
You built a $7.6mm book from scratch in 7.5 years? Or did you buy an existing book?
Posted on 3/1/24 at 8:25 pm to gdzgft28
quote:
You built a $7.6mm book from scratch in 7.5 years? Or did you buy an existing book?
Built.
Posted on 3/1/24 at 8:29 pm to gdzgft28
This post was edited on 4/5/24 at 2:41 pm
Posted on 3/1/24 at 8:30 pm to gdzgft28
quote:
This is my 6th year independent. I work primarily T65’s so I’m mostly face to face because it helps retention though I do some business (referrals and xfers) over the phone. Probably 75% in person outside of AEP.
It’s definitely something you can do part time and keep your day job, unlike P&C. Most agents probably do start by working AEP’s only. I didn’t. But I wasn’t already making $150k either.
That helps, thanks! Based on what I am learning this might be my route. I Like the idea of building a local base and my personality relates well with seniors Ive learned. Im also in an area with an aging population and lower income (smaller town near CLT) and can deal with the slow start with residuals kicking after year 1.
Posted on 3/1/24 at 8:38 pm to geauxdroddz
Learn to code
This post was edited on 3/1/24 at 8:39 pm
Posted on 3/1/24 at 8:59 pm to gdzgft28
quote:
You can make $250 to $500k as a health agent working out of your home. To make that as a P&C you’re gonna need 2-3 employees and a monthly lease
Looking at insurance mag website it says that the 90th percentile is an income of 130k. How is it everyone in here far surpasses that? Genuine question.
Posted on 3/1/24 at 9:03 pm to Grigio
quote:
What is the comm structure like for med supps, roughly? I have a friend who started a few years ago and I think he was telling me he was getting 20% years 1-5 then 0-2% years 6+. I could be way off on that though. How is persistency? Do you still have people from year 1-2 with you? Is the goal to replace and churn their policies every 5 years to keep the highest comm % (and keep them in the best coverage since the premiums are always changing too) I'm looking for a change here soon, possibly dipping my toes in the water at AEP next fall. I have a lot to learn though. In my head it seems like the perfect product/market if you want to bust arse for 10 years then just work AEP after that. Assuming nothing changes that market is going to print money as boomers and Gen x get older. The biggest concern is the residuals have a shorter life span than some other products.
I’m 90/10 MAPD. I honestly don’t even pay attention to what my supplement commissions are but they vary by company and are about what you assume on average. MAPD is $611 new to Medicare and $306 renewals. So 333 is six figures. Full time that’s 2-4 years. Most agents do 150-250 a year depending on product mix.
My retention is running about 90% and that’s the hardest part. Beneficiaries are CONSTANTLY marketed to.
And you’re right. It’s a money machine. Medicare and ACA. Only threat is legislation. Democrats for Medicare. Republicans for ACA. lol…
Posted on 3/1/24 at 9:04 pm to Jake88
quote:
Looking at insurance mag website it says that the 90th percentile is an income of 130k. How is it everyone in here far surpasses that? Genuine question.
2 reasons imo.
1. Avg lifespan of insurance agents are three years, so the scales are tipped.
2. The posters in this thread are executive level/agency owners/have yrs of experience.
Posted on 3/1/24 at 9:07 pm to Jake88
quote:
Looking at insurance mag website it says that the 90th percentile is an income of 130k. How is it everyone in here far surpasses that? Genuine question.
That’s ALL lines of business. Some are more lucrative than others.
LINK /
And I will correct myself. I do know +10 year agents earning less than $200k. But they are over 65 and only work 10 hours a week.
Posted on 3/1/24 at 9:07 pm to BamaCoaster
quote:Why is that?
1. Avg lifespan of insurance agents are three years, so the scales are tipped
quote:You were independent, are the others from what you've read?
2. The posters in this thread are executive level/agency owners/have yrs of experience
The income comes from commissions on sold policies? How many policies did you sell to have created what you did?
Posted on 3/1/24 at 9:18 pm to geauxdroddz
quote:
That helps, thanks! Based on what I am learning this might be my route. I Like the idea of building a local base and my personality relates well with seniors Ive learned. Im also in an area with an aging population and lower income (smaller town near CLT) and can deal with the slow start with residuals kicking after year 1.
With everything, it’s market specific. Other agents in different states are more successful with ACA. But your market sounds perfect for Medicare. A lot of low income beneficiaries are under 65 and aren’t marketed to heavily.
All you need is to pass AHIP, get appointed and order business cards. P&C requires a lot more than that.
Posted on 3/1/24 at 9:22 pm to Jake88
I'm speculating, but the agents I knew wrote policies on 450k+ homes and families that usually had at least 2 $50k cars.
The agents that know more should obviously opine, they know better than my anecdotal information. But after months of dealing with trying to "enlist," it seems like there is a very heavy amount of puffery content on how much you can make, etc. The same thing exists in many industries; including IT, Information Security, Graduate Degrees, etc. Look at how much money you can make (no mention of the 4 million dollar loan to buy a book of business to maintain your current standard of living, etc.)
Agents from the same agency that sent my two buds to Europe for a month, with the family, also have agents in strip malls that will probably have their lights shut off within a few weeks. And then my friends will get allocated their policies. The two I know commission barrels of bourbon on PJs. The poor a-hole in the strip mall probably can't send his kids to Texas State. YMMV.
I'm very risk averse, admittedly.
The agents that know more should obviously opine, they know better than my anecdotal information. But after months of dealing with trying to "enlist," it seems like there is a very heavy amount of puffery content on how much you can make, etc. The same thing exists in many industries; including IT, Information Security, Graduate Degrees, etc. Look at how much money you can make (no mention of the 4 million dollar loan to buy a book of business to maintain your current standard of living, etc.)
Agents from the same agency that sent my two buds to Europe for a month, with the family, also have agents in strip malls that will probably have their lights shut off within a few weeks. And then my friends will get allocated their policies. The two I know commission barrels of bourbon on PJs. The poor a-hole in the strip mall probably can't send his kids to Texas State. YMMV.
I'm very risk averse, admittedly.
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